Why is HDFC AMC falling/rising?

As of 16-Jul, HDFC Asset Management Company Ltd's stock price is rising, currently at 5,357.15, reflecting an increase of 68.75 or 1.3%. The stock has recently hit a new 52-week and all-time high of Rs. 5,368.9, and it has outperformed its sector by 1.53%. Over the past three days, the stock has gained 5.2%, and it is trading above all key moving averages, indicating strong momentum. The company has demonstrated robust financial performance, with net sales growing by 34.33% and profit after tax increasing by 24.40% over the last six months. Additionally, high institutional holdings at 38.53% suggest confidence from knowledgeable investors, further supporting the stock's upward movement.
In the broader market context, HDFC AMC's short-term performance has been notably strong, with a 4.18% increase over the past week, while the benchmark Sensex has declined by 1.08%. This significant outperformance highlights the stock's resilience and attractiveness to investors. The company's consistent returns over the last three years, along with a solid average return on equity of 28.86%, reinforce its strong long-term fundamentals. However, it is worth noting that the stock's valuation appears expensive with a price-to-book value of 14.1, which could pose risks if market conditions change. Despite this, the positive momentum and strong financial results have contributed to the stock's recent rise.